Siemens may need to find partner

Siemens AG may need a partner for its mobile-phone business after losses more than doubled in the last quarter, said investors.

“They need to think about an exit strategy or search for a partner,” said Henning Gebhardt, of DWS Investment in Frankfurt.

Siemens yesterday said it will turn the division around within 18 months by cutting costs, hiring people in Asia and introducing new phones.